Startup news and updates: daily roundup (October 31, 2023)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, October 31, 2023.
Funding
Infurnia Technologies bags $1.2M
Technologies has raised $1.2 million from a group of angel investors led by Yogesh Choudary of Jaipur Rugs, valuing the company at $17 million. So far, Infurnia has raised a total funding of $3.7 million.
The startup, which offers cloud-native design software for the architecture and interior design industry, is currently growing at 15% month-on-month basis and is on the path to becoming cash-flow positive in the next nine months.
The company focuses on creating an integrated and easy-to-access design platform for the architecture and interior design ecosystem. It has over 300+ active clients, mainly catering to the Indian market and 10+ international paying clients. Infurnia will be venturing into the North American market with a local sales team presence in the first half of 2024.
Some of its marquee clients include , , , and , among others.
MedLern gets funds from HQR Systems, Laerdal Medical for Indian expansion plans
American Heart Association subsidiary, Healthcare Quality and Research Systems (HQRS), and Laerdal Medical have invested in full-stack healthcare training platform MedLern.
Impelsys, MedLern’s parent company, the American Heart Association, and Laerdal have worked closely together for a decade. The MedLern platform serves around 400 hospitals and over one lakh hospital workers in India, delivering a million hours of training through its solutions.
It is also helping improve hospital bottom lines by driving nursing excellence, service excellence, and patient safety and experience in leading hospitals in India.
Other news
AppX acquires edtech and creator biz of AppSquadz
, a no-code platform that enables creators to build and monetise via their mobile apps, has acquired the edtech SaaS business of , an app development firm, for an undisclosed sum.
This acquisition will allow AppX to expand its creator base and provide more tools for creators to build engaging learning experiences.
Founded in 2019 by Sameer Sadana and Anuj Gupta, AppX empowers creators to launch their personal apps and monetise their audience via courses and premium content. Based out of Noida, Appsquadz is an app development company founded in 2014 by Chandrakant Agrawal, with 200+ trained professionals.
Bajaj Capital enters global private wealth; appoints Kalpesh Dave as deputy CEO
Finance firm Bajaj Capital has appointed Kalpesh Dave as deputy CEO, along with marking a significant move towards serving the ultra HNI and HNI segments and expanding globally.
Rajiv Bajaj, Chairman and MD of Bajaj Capital, said, "Bajaj Capital stands at the cusp of a momentous growth phase, and we firmly believe that Kalpesh Dave's grasp of the financial landscape will serve as a linchpin in realising our ambitious vision towards building Global Private Wealth Business.”
Dave has over two decades of experience in retail banking, investments, international and wealth management, and investment banking.
IIT Kanpur celebrates over 1,000 IPR filings and 400 granted patents
IIT Kanpur has set a benchmark through its Intellectual Property Rights (IPR) activities along with a technology translation percentage of 13.76%. The number of IPRs filed and granted at IIT Kanpur to date has exceeded 1,000 filings and more than 400 granted IPRs.
Prof S Ganesh, Officiating Director, , said, “IIT Kanpur’s achievement of surpassing 1,000+ filings and securing 400+ patents is a testament to the relentless commitment of its world-class faculty, researchers and innovators. This remarkable milestone underscores the institution’s pursuit of excellence in advancing knowledge.”
The IPR Cell serves as a crucial intermediary connecting IIT Kanpur with industry partners for technology transfer and licensing initiatives. It also plays a vital role in supporting cutting-edge technologies to industry partners, enabling widespread adoption of such technologies on a larger scale.
Deloitte India, Spryker forge strategic alliance
has announced a strategic alliance with Spryker, a leading composable commerce platform for sophisticated commerce use cases in B2B commerce, enterprise marketplaces, and thing commerce.
This alliance will enable businesses to transform their digital commerce landscape across the B2B, B2C, and enterprise marketplace ecosystems. It aims to enhance efficiency and scalability, and promote innovation in a fast-changing digital and social world.
This collaboration aims to empower Indian organisations to integrate advanced functionalities, including personalised customer experiences, omnichannel capabilities, and advanced analytics.
Manish Pandeya, Partner, Consulting at Deloitte India commented in a statement, “Our alliance with Spryker aims to deliver a unified ecommerce solution tailored for enterprises seeking scalability, rapid go-to-market capabilities, and adaptability to evolving industry demands.”
AIC-Pinnacle's incubated startups achieve collective valuation of over Rs 300 Cr
(AIC) - Pinnacle Entrepreneurship Forum, a startup incubator and accelerator supported by Atal Innovation Mission (AIM), NITI Aayog, Government of India, has announced that the cumulative valuation of its incubated startups has surpassed a figure of INR 300 crores.
AIC-Pinnacle-backed startups have raised around Rs 30 crore in funding from various
sources such as angel investors, awards, and challenges. These investors have given 30
firms a total market worth of over Rs 300 crore, with the largest startup valued at Rs 40 crore.
AIC Pinnacle, founded under Atal Innovation Mission (AIM) in 2018, a not-for-profit Section 8 legal entity, has incubated over 60 startups in fields such as electric vehicles, agritech, healthtech, manufacturing, and IT.
AIC Pinnacle has generated 35+ IP rights applications, over 250 jobs, and has a community of 15,000 people in the entrepreneurial ecosystem.
Anicut Capital’s Equity Fund gets commitment of over Rs 30 Cr from HDFC AMC’s Fund of Fund
Asset management firm has received a significant commitment of over Rs.30 crore from HDFC AMC’s Fund of Fund with possible additional allocation in the near future.
The investment will be made from HDFC AMC’s Select AIF FOF-I which invests in category I and II venture capital/private equity-oriented AIFs. This fund seeks to invest in pedigree fund managers with complementary strategies across investment stages from early to growth to provide optimal risk-adjusted returns with effective diversification.
The investment will be deployed through Anicut’s Equity fund (Grand Anicut Fund 3), which was launched in June 2022.
Anicut Equity Fund, having already invested Rs. 150+ crores in six promising companies, including , Earth Rhythm, Neeman’s, XYXX, Wheelocity and The Ayurveda Experience, will pursue early growth investments across a total of 12-14 companies. The fund focuses on a diverse range of sectors, including consumer, Internet, Technology and B2B, among others.
IAMAI healthTech committee appoints Chair and Co-chair
The Internet and Mobile Association of India (IAMAI) HealthTech Committee has appointed Dr Vaibhav Kapoor, Co-founder of , as the new Chair, and Manoj Balaji, CEO of TatvaCare, as the new Co-chair, following their election to the posts.
The IAMAI HealthTech committee is dedicated to actively contributing towards the growth of the digital health sector through policy engagements with governmental departments, regulatory bodies, opinion leaders and industry experts.
The committee actively engages in key sectoral issues pertaining to telemedicine, e-pharmacy, e-diagnostics, new-age surgical models, and health data privacy.
Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body representing the digital services industry with over 500 Indian and multinational corporations as its members, including established companies in diverse sectors of the digital ecosystem.
MakeMyTrip unveils new initiative for engagement with prospective talent
has unveiled a comprehensive approach to engage and harness campus talent nationwide with an aim to find talent beyond traditional paradigms and reach out to students from various parts of India. This includes premier institutions and promising academic establishments in Tier II and III cities.
Central to MakeMyTrip's strategy is a pyramid-like framework with a multi-tiered approach to talent engagement. Potential hires are offered an insightful glimpse through “A Day in the Life of” experiences, shedding light on the organization’s vibrancy, roles, and ethos. This initiative aims to bridge the gap between expectation and reality, allowing candidates to visualize a future within the dynamic MakeMyTrip ecosystem.
Students were given the challenge to create a 90-second social media reel, under categories such as “Unseen India”, “India on a Budget”, and “Responsible India” Around 4,700 entries have been received from management campuses like MDI, IIM Lucknow, IIM Indore and technology campuses like IIT Mumbai, PES, Thapar and IIT Patna.
Wells Fargo names Uday Odedra as MD and Head of India and the Philippines
Wells Fargo and Company has announced Uday Odedra as the Head of Wells Fargo in India and the Philippines. Uday will report to the Head of Global Operations, David Owen.
David Owen said in a statement, “Our India and Philippines teams are a critical part of the bank’s business and under Uday’s leadership, we will continue to strengthen our operations in the region.”
Uday joins Wells Fargo from UBS AG and brings broad experience in the global financial services sector, including international business leadership, technology, and data strategy. With more than 25 years of experience at UBS, Uday served in a variety of leadership roles, including Chief Executive Officer (CEO) of India, and Chief Information Officer (CIO) for Asia.
Uday earned his bachelor’s degree in computing information systems from Birmingham City University in the UK.
Terra Charge, SNM to build advanced EV charging infrastructure in Pune
Terra Motors Charging Solution Private Limited Company has announced its collaboration with SNM Cabs Private Limited to develop a dedicated EV charging hub near Pune airport. Headquartered in Kolkata, Terra Charge will work with Pune-based SNM Cabs to establish the latest EV charging infrastructure exclusively for the SNM electric cab fleet.
The dedicated hub aims to enable smooth access to EV charging, reduce downtime, and improve operational efficiency for SNM Cabs.
With 11 efficient EV chargers planned for the strategically located charging station, the infrastructural development ensures uninterrupted operations for SNM’s electric fleet. The region currently has a couple of public chargers at a nearby mall. Through this partnership, Terra Charge and SNM Cabs aim to accelerate the adoption of electric vehicles and enhance the EV ecosystem in Pune and the adjacent regions.
Akihiro Ueda, CEO of Terra Motors Charging Solution Private Limited, commented in a statement, "We are confident that by developing a charging hub near Pune airport, we will not only cater to SNM Cabs' EV fleet but also lay down crucial infrastructure that can be pivotal for future growth."
Wissen Technology appoints Bobby Gilja as vice chairman
Wissen Technology has appointed Bobby Gilja to its board as vice chairman. With over 35 years of experience at Morgan Stanley, Gilja held senior executive positions including, CIO of corporate and funding technology and CIO of cloud and architecture.
He led the successful execution of numerous high-impact initiatives across operations, finance, risk, prime brokerage, fund administration, treasury and secured funding platforms.
As vice chairman, Gilja will play a pivotal role in guiding Wissen Technology's strategic initiatives, with a focus on expanding the company's technological offerings, fostering collaboration with global partners, and enhancing customer experiences.
Strawcture, Enlite, and SuperBolter win at DISRUPTECH 2.0
Real estate consulting firm CBRE South Asia Pvt. Ltd. announced the winners of the second edition of India’s biggest PropTech challenge, ‘DISRUPTECH 2.0’, organised in partnership with Nasscom startups.
Delhi-based emerged as the winner, while Enlite (Mumbai) and SuperBolter (Bengaluru) bagged the first and second runner-up positions out of 11 finalists. The winners were announced at the grand finale event held in Delhi on October 31.
The challenge saw the participation of over 400 startups from across 45 Indian cities. The entries were divided into categories focused on ESG, fintech, construction technology, and indigenous tech for the local market.
(This article will be updated with the latest news throughout the day.)
Edited by Suman Singh
